Despite its compact size, Volvo’s low-cost EX30 is already making a big impact. After launching just months ago, the new Volvo EX30 is already living up to its promise of delivering profitable growth.
Volvo’s low-cost EX30 is already making an impact
“We have had a strong start to the year, with our first quarter results laying a solid foundation for the year ahead,” Volvo CEO Jim Rowan said Wednesday.
Volvo set a new global sales record in the first quarter of 2024, fueled by growing demand for its fully electric vehicles.
After being one of the first legacy automakers to commit to an all-electric future, the results speak for themselves.
In the first quarter, Volvo had a 100% electrified (including PHEVs) sales share in 18 markets, up from 15 in Q4. Fully electric vehicles accounted for over 40% of sales share in 19 markets, up from 13 in Q4.
Volvo’s new fully electric small SUV, the EX30, contributed to the sales growth, according to Björn Annwall, Volvo Cars’ chief commercial officer & deputy CEO.
The EX30 helped push Volvo’s EV share of sales to a record 21% in Q1 2024. Volvo sold 14,500 EX30 models in the first three months of the year, topping the EC40 (6,000) while closing in on the EX40 (17,400).
Delivering profitable growth
Volvo set a new all-time sales record in March as it ramps up EX30 deliveries. Perhaps, more importantly, its new electric SUV is helping improve margins.
Volvo’s EV margins improved to 16%, up from 7% a year ago and 13% in Q4. The EX30 “has lived up to its promise of being a profitable growth driver” in just a few months since launching.
In the first three months of 2024, “thousands of customers across Europe got behind the wheel of an EX30,” as Volvo prepares to expand deliveries in key markets like the US, China, Canada, and South Korea.
The EX30 will be sold in over 90 countries by the end of the year. With an expanding EV lineup, Volvo expects strong demand in 2024.
Volvo began production of its first electric minivan, the EM90, for China, with deliveries kicking off in March. In addition, Volvo plans to start building its three-row EX90 electric SUV in the first half of the year.
Volvo’s electric vehicle lineup will include the EX30, EX40, EC40, EM90, and EX90. With a balanced portfolio of electrified models, the brand expects to navigate industry headwinds.
With three new electric models in key segments, Volvo expects demand to “remain robust” over the next few quarters. Volvo expects full-year sales growth of at least 15% in 2024.
Volvo believes revenues can reach SEK 550-600 billion ($50B to $55B) with an EBIT margin above 8% during 2026.
In the first quarter, revenue fell 2% to SEK 93.9 billion ($8.6B). Volvo said revenue was weighed down by contract manufacturing. Meanwhile, operating profit (excluding JVs) rose 8% to SEK 6.8 billion ($625M).
Although overall operating income (including JVs) fell to SEK 4.7 billion ($435M) in Q1, Volvo said it was due to lower revenues at Polestar.
Electrek’s Take
As Electrek has said, Volvo’s early commitment to going all-electric continues to pay off. Not only did Volvo’s EV sales share reach 21% in Q1, but BEV margins are also improving.
With new electric models launching in key segments globally, Volvo expects strong demand in 2024. The automaker will be one to keep an eye on as the industry shifts to electric.
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On today’s episode of Quick Charge, we look into a new study revealing that Toyota outspends all other automakers when it comes to funding climate change denying politicians and Fred accuses Elon of misrepresenting the data behind Full Self Driving (again).
We’ve also got word that the recently redesigned Tesla Model Y is being built in Giga Berlin, Hyundai’s electrified lineup is leading a record export year for the brand, and a new study says cleantech investments will beat out conventional energy production for the first time in 2025.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!
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Amazon is adding over 200 Mercedes-Benz eActros 600 electric semi trucks to its fleet later this year – its largest-ever order of electric heavy goods vehicles (eHGVs).
Amazon’s new electric semi trucks
These electric trucks will handle high-mileage routes across the UK and Germany, moving trailers between Amazon’s fulfillment centers, sorting centers, and delivery stations.
The new eHGVs are expected to transport more than 350 million packages annually once fully operational.
Amazon is installing 360kW charging stations at key sites capable of powering the 40-tonne trucks from 20-80% in just over an hour. The company is also working with stakeholders to establish external charging locations to support longer routes.
The eActros 600 is Mercedes-Benz Trucks’ flagship electric long-hauler, with a battery capacity of more than 600 kWh and a range of 310 miles (500 km). Production of the eActros 600s recently began at Mercedes-Benz’s factory in Wörth, Germany.
Sustainable delivery across Europe
In the UK, Amazon has begun using the electric rail network for package transport at scale. It’s also rolling out on-foot delivery options in London, with associates using carts that can be restocked from nearby vans. In Germany, Amazon doubled its fleet of Rivian electric delivery vans to over 600, and electric cargo bikes delivered more than 1.5 million packages in Berlin alone last year.
By the end of 2024, Amazon plans to expand its micromobility hubs – locations supporting deliveries by foot and cargo bike – to Germany’s five largest cities and beyond. Across Europe, the company is investing more than €1 billion to further electrify and decarbonize its transportation network.
Amazon’s European network already includes 38 eHGVs, with 50 electric semis recently deployed in California. The company’s fleet of electric delivery vans in Europe has grown to over 3,000 and is expected to surpass 10,000 by the end of 2025. Micromobility hubs have also expanded from 20 cities in 2022 to more than 45 by the end of 2024, including new additions in Belfast, Madrid, Rome, and Vienna.
Electrek’s Take
Amazon says its latest electric semi truck order aligns with The Climate Pledge it announced in 2019, in which the company committed to achieving net zero across its operations by 2040. While The Climate Pledge initiative has garnered praise, it has also faced criticism and skepticism regarding its effectiveness and transparency.
In 2020, Amazon faced allegations of retaliating against employees who spoke out about the company’s environmental policies. The National Labor Relations Board found that Amazon had illegally fired workers who advocated for climate action and better safety measures.
Amazon is also donating $1 million to President-elect Donald Trump’s inaugural fund. Trump is a climate change denier who actively opposes renewables, and not just in the US. Earlier this month Trump demanded that the British government open up the North Sea to fossil fuel drilling and get rid of “windmills.”
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If you thought the current GV60 looked pretty inside, wait until you see the updated model. Genesis unveiled the new GV60 earlier this month, its first major redesign since launching in 2021. Here’s our first look at the interior of the new Genesis GV60.
Genesis GV60 interior gets an upgrade in the new model
Genesis launched the GV60 in October 2021 as its first dedicated EV. Less than four years later, the luxury electric SUV is already getting a new look.
The luxury brand unveiled the new GV60 last week for the first time. One of the biggest updates is to the front end.
Although the GV60 is already a sporty-looking EV, the redesigned front bumper with a new 3-D shape takes it up another level. Then, add the signature Genesis Two Line headlamps with Micro Lens Array (MLA) tech, and the refreshed GV60 is a head turner.
The revamped model now features 21″ wheels with a new five-spoke design, complementing its wide, low stance.
Inside, the upgraded GV60 features its new 27″ connected car Integrated Cockpit (ccIC) infotainment system. The design “eliminates the bezel” between the driver display and infotainment screens.
The new Genesis GV60 interior also gains a redesigned three-spoke steering wheel for an even more sporty feel while you’re in the cockpit. Other popular features from the outgoing model, like the Crystal Sphere shift-by-wire system, are still included.
After revealing the updated model for the first time last week, we are already getting a look at the redesigned interior.
A new video from Korea’s HealerTV gives us our first look at the Genesis GV60 interior in a new blue color. Although the reporter initially thought it was a performance model, he noted it was just a new color option. Other added design elements, like the large quilting pattern on the side panels, give it that Bentley or Rolls-Royce feel.
Last week, HealerTV posted a video revealing the first look at the updated Genesis GV60 exterior design. You can see the redesigned front and rear bumpers add to the GV60’s already impressive look.
In the US, the 2025 Genesis GV60 starts at $52,350. A new AWD trim was introduced this year, starting at $55,850.
The current mode gets up to 294 miles driving range, but a bigger battery is expected to push that number closer to 300 miles in the 2025MY. It’s expected to feature the same 84 kWh battery as the updated 2025 IONIQ 5, which provides up to 318 miles range. That’s up from 303 miles in the previous model with a 77.4 kWh battery.
2025 Genesis GV60 trim
Range (EPA-est)
Starting Price*
Standard RWD
294 miles
$52,350
Standard AWD
264 miles
$55,850
Advanced AWD
248 miles
$60,900
Performance AWD
235 miles
$69,900
2025 Genesis GV60 prices and range by trim (*excluding $1,350 destination fee)
Genesis will launch the updated GV60 in Korea in the first quarter of the year, with overseas markets following shortly after. Check back for more info, including prices and specs, closer to launch.
What do you think about the new GV60 design? Do you like the changes? What would you change? Let us know in the comments below.